ISLAMABAD, Oct 29: The National Accountability Bureau has terminated its contracts with two offshore firms investigating high-profile white-collar crimes and money laundering, an official of the bureau told this correspondent on Wednesday.

The NAB had entered into contracts with the Broadsheet LLC and the International Asset Recovery for investigating the alleged money laundering cases involving former prime minister Benazir Bhutto, Asif Ali Zardari, former navy chief Admiral Mansoorul Haq and other politicians and bureaucrats, the official said.

He quoted a NAB announcement as saying that the contract with Broadsheet LLC was signed on June 20, 2000 and the IAR was engaged on July 15, 2000.

The bureau’s announcement, he said, cited commercial and operational reasons for termination of contracts.

However, the NAB official said grounds for the termination of contracts would remain confidential for the time being.

He said any “valid and subsisting power of attorney,” granted by the government pursuant to either of the two agreements, lapses with the termination of agreements.

“Neither Broadsheet nor the IAR, nor any of their personnel, agent, or substitutes, now has any power or authority to represent or ... act ... on behalf of the government of Pakistan or office agencies,” he added.

The official said the bureau would hire other firms to investigate high-profile money laundering cases.

The source said agreements made with the two international firms were not time barred.

The NAB, under these agreements, has so far recovered only $7 million in Admiral Mansoorul Haq’s case. However, no other case being dealt by these firms has so far matured, the source said.

Under agreements, the two firms were entitled to get 10 to 15 per cent share in the recovery.